At first it was the empty office CRE glut.

Hotels are next.
When residential real estate gets hit, might be just a ticking time bomb. After all there must be a lot of 5/1 ARMs and 7/1 ARMs, going to be reset to much higher rates this year, next year and so on … the “owners” may not be able to sell even if they try?

https://sfist.com/2023/06/05/owner-of-sfs-largest-hotel-the-hilton-union-square-is-walking-away-surrendering-it-to-lender/

Edit: I just read Sir Kewl2’s post from last night: https://goldtadise.com/?p=583089

Edit: Google, of all the tech behemoths !!!! https://news.theregistryps.com/google-anticipates-500mm-in-exit-costs-related-to-consolidating-office-space-in-the-first-quarter-of-2023/

Edit: https://sfstandard.com/business/tech-companies-vacating-leaving-san-francisco-office-space/

GL